Five Signs That You May Not Be Cut Out for Entrepreneurship

I'm a huge fan of entrepreneurship and the amazing benefits that can come from owning your own business, solving challenges and living a life filled with purpose.

However, I've become increasingly concerned in recent years that we don't talk enough about the multitude of challenges that go along with pursuing an entrepreneurial lifestyle.?

I'm not suggesting we stop promoting the good, but rather, I think we're doing a ton of young people a huge disservice by not painting the full picture that includes both the highs and lows.?

This isn't an anti-entrepreneurship post, but rather, an entrepreneurship reality post that I hope can provide a balanced perspective for individuals to consider as they explore the possibility of chasing their entrepreneurial dreams.?

Some folks might read this and reconsider, while others will go forward with eyes wide open, ready to tackle the realities of this journey.?

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In the current age of entrepreneurs being looked at like rock stars, who wouldn't want to be an entrepreneur??

It's "cool" to have your own business, and entrepreneurship is a big part of popular culture -- but it wasn't always that way. There was a time when the word "entrepreneur" or "self-employment" would conjure up a dirty look; people would make you feel like a misfit, unable to "make it" in the corporate world. It wasn't a badge of honor, nor was it something parents wished their children would embrace.?

Oh, how times have changed.

Today, entrepreneurship is looked upon as an admirable career goal -- not just by "wanna-be" entrepreneurs, but also parents. People are more willing than ever to spend money learning about entrepreneurship; there are high school clubs and college classes completely devoted to the topic. There are even universities whose entire focus is to train students to become entrepreneurs.?

There are a ton of reasons for entrepreneurship's explosive rise in popularity - from the opportunity to self-manage your time, to the ability to say goodbye to "working for the man," to the potential of becoming wildly wealthy.

Posters of Elon Musk and the Holstee Manifesto are replacing rock stars and sports heroes as the figures adorned on dorm room walls in the past.?

The dream job of working in a high rise on Wall Street has been replaced with one of being a digital nomad who brings their laptop from one beach to the next and travels the world while working remotely. The steady paycheck is out, and the potential to build a company, sell it, and "make it big" is in.?

AKA entrepreneurship is everywhere -- but this blog begs the question: is it right for you?

Not everyone needs to leave their job and start their own business in order to be successful in life. Quite frankly, most of us shouldn't even think about it.?

Entrepreneurship isn't for everyone.?

Here are 5 signs entrepreneurship may not be for you:

1. You prefer predictability, certainty and order in your life: Entrepreneurship can be great, but it's often unpredictable. There's no way to guarantee what tomorrow will bring, especially if you're starting a new venture. Starting a business means spending a lot of time validating your idea, talking to potential customers, gaining information and making constant adjustments to your product or service. Your goal is to create a solution that your customer's need and want to pay for, and that process is iterative and time-consuming. If not knowing what tomorrow brings makes you a little queasy, then working for someone else is a good idea. There is more certainty with traditional jobs, and they definitely will help you sleep better at night if you're risk-averse. On the other hand, if you see life as an adventure, with tons of twists and turns, entrepreneurship is a great choice.?
2. You prefer working alone: If you're not a big fan of teams, entrepreneurship will actually be trickier than you think. Most entrepreneurs aren't solo practitioners. In fact, almost every successful venture has been started by a team, not an individual. We often recognize the public face of a company, and forget that there was a team of other people behind them. The best companies usually have at least two founders; often one on the tech, and one on the business side. It's very rare for someone to be both the visionary and executor. Think about some of our current tech giants; Apple had Jobs and Wozniak. Microsoft had Bill Gates and Paul Allen. Google had Larry Page and Sergey Brin. It holds true for most successful startups; teams matter and are a huge component of success. So, if you prefer working in isolation and doing everything yourself, you'll likely struggle as an entrepreneur. Instead, you should consider a career where you can be part of a larger company with a role that doesn't require a ton of collaboration. If you love to work in teams, and get jazzed by accomplishment through teamwork (including strategic partnerships for the freelancer world,) then entrepreneurship might be a game you want to play.
3. You prefer working 9-5 (or less,) and knowing you have weekends off: While it is true that you can create a lifestyle of leisure as an entrepreneur, it's not common. The reality is that it's hard work. Period! Long hours are usually the norm, and that's important to recognize if you're choosing to walk the entrepreneurial path. Most people that start successful businesses are putting in way more than 40-hour work weeks, and they usually aren't taking vacation. Sometimes, they aren't even taking off weekends. It's a lot of work, no question. In the end, you may build something great that enables you to enjoy a comfortable lifestyle where you can control your hours and get time at the beach, but that's just a dream when starting out. Please, don't fool yourself and end up disappointed. Success requires hard work and hundreds of hours of dedicated effort. If you prefer a 9-5, you're best suited to work for someone else. If you're willing to be flexible with your time, put in extra hours, and you love the accomplishment that comes from working hard, entrepreneurship may be for you.
4. You prefer a world where things are black and white: If you live in a world of binaries, where everything is either right or wrong, black or white, yes or no, you'd hate entrepreneurship. While social media and the news show us a ton of black and white thinking, the reality is that we live in a world of gray. The real world is filled with uncertainty and bits of partial information. If you hate ambiguity and prefer a career with clear right and wrong answers, then entrepreneurship isn't a good choice for you. If you prefer having someone to give you a to-do list in the morning, and you're all about checking off those boxes, entrepreneurship again -- probably wouldn't feel enjoyable for you. That said, if you like asking a lot of questions, digging for answers, A/B testing and solving complex puzzles, then entrepreneurship might be just what the doctor ordered.
5. You prefer to give your time and talent away at a discount: There's a saying in entrepreneurship "you don't have a business without a paying customer." Well, I'd like to expand that saying to include the word profitable. "You don't have a business without a paying customer that is profitable." That's more like it, because so much of being a successful entrepreneur is understanding markets and people's ability to pay for your product or service. This involves market segmentation, supply and demand, the cost of customer acquisition, the cost of goods sold, etc. To be successful, you have to find a priced point that enables demand for your product in a world crowded with alternatives, while also leaving you enough left over at the end of the day to sow a substantial profit. This isn't easy, and the only way to do it is to deeply understand the value of your offering to your customer. You're selling VALUE, not hours. I'd argue that the single reason most entrepreneurs fail -- is their inability to place the proper value on their product or service in the marketplace. Many people under-charge and it becomes the demise of their business. If you are willing to do the hard work to determine the true value of what you offer, understanding the true costs of doing business, then entrepreneurship is an interesting riddle to solve. If you're not willing to learn basic finance, don't become an entrepreneur. If you feel bad charging people for your time, don't become your own boss. Unfortunately, too many people carry their personal experiences and relationships with money into their pricing decisions, and woefully under-price their offerings.?

These are just five of the most common warning signs that entrepreneurship isn't for you. Not only that, but if you notice any of these five things in your life, it's worthwhile taking the time to sit up and pay attention to them - especially if you're thinking of starting your own venture.

Consider your decision carefully, all while knowing that if suited to you, entrepreneurship can be an amazing experience that allows you to build wealth, have the freedom of being your own boss, and creating opportunities and jobs for others -- all while pursuing your personal passions and dreams.

At the end of the day, there is no right or wrong. It's all up to you.?

You decide!

Soar, Don't Settle!